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On August 1, a $51,600,9%, 3-year Installment note payable is issued by a company. The note requires equal payments of principal plus accrued Interest of
On August 1, a $51,600,9%, 3-year Installment note payable is issued by a company. The note requires equal payments of principal plus accrued Interest of $20,384.83. The entry to record the first payment on July 31 would include Multiple Choice Credit to Notes Payable of $20.384.83 O Debit to Notes Payable of $20,384.83 Debit to Cash of $20,394.83. O Debit to interest Expense of $4.644.00. Credit to Cash $15.740.83
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